Johns Lyng shares surge on Pacific Equity Partners takeover bid
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More news: Shares in Johns Lyng Group rocketed after the building services provider confirmed it is considering a takeover offer from Pacific Equity Partners.
At 10:18am AEST, the company's share price was up 15.4% to $2.93. It had previously fallen 7% over the last 12 months to close at $2.54 on Friday.
Johns Lyng confirms Pacific Equity Partners takeover bid
The news: Building services provider Johns Lyng Group has confirmed it has received a conditional and non-binding takeover offer from Pacific Equity Partners.
The context: The proposal offers the company’s senior management, including its largest shareholder CEO and managing director Scott Didier, a scrip consideration to retain an interest in the business.
The offer was made on 16 May and a period for exclusive due diligence that started on 29 May will expire at 5:00pm today. A copy of the exclusivity deed has been released to the exchange.
Shares in Johns Lyng were in a trading halt ahead of this announcement. Its share price has fallen 7% over the last 12 months, closing at $2.54 on Friday.
The source: ASX
